Construction has started on a 10-storey resort at the beginning of West Bay Road in George Town.
The Grand Hyatt Grand Cayman Hotel and Residences, located at Pageant Beach between The Wharf Restaurant and Poinsettia condos, will feature a 351-room hotel, including 167 residences.
The studios and one-, two- and three-bedroom residences range from 460 to 2,471 square feet and are selling for between US$522,000 and US$4.18 million, according to developer Pageant Beach Hotel Ltd.
The resort plans to offer a voluntary rental programme that allows condominium owners to rent their property to hotel guests when they are not occupying their residences.
Sales have exceeded $64 million since the development was announced.
RE/MAX broker/owner Kim Lund, the exclusive listing agent for the residences, said, “Just to put this in perspective, these Grand Hyatt condominiums are pre-selling, right now, at an average of only US$933 per square foot for a five-star internationally branded Seven Mile Beach resort.”
This was much less than other popular Seven Mile Beach condominium developments, including The Ritz-Carlton, WaterColours and The Kimpton Seafire, he said.
Lund said about 35% of residences have already been sold, with the resort expected to sell out once construction is completed.
In addition to access to Grand Hyatt services, resort amenities include six dining venues, a 12,000 square foot spa and fitness centre, three swimming pools and jacuzzis, beach cabanas, a screening room, and a 25,000 square foot indoor/outdoor conference space.